Jeff Bezos has announced his departure from his position as CEO of Amazon where he founded the company 27 years ago.

In a memo to employees, Bezos states that the transition will give him “the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions.”

Bezos will now take on the role of executive chair and will hand the CEO keys over to chief executive of Amazon Web Services, Andy Jassy. Bezos plans to transition to executive chair in the third quarter (July 1).